banks

[peter goss]

is it true that it is possible to live quite comfortable in turkey on interest from savings, as the interest rates in turkey are around 20% is this a correct rate please

[Anne]

I've heard tell that this can be done Peter but, not sure just how much you'd need deposited to live comfortably.
Use the search engine to find out more as I'm sure this has been discussed at some point on here.
Anne

[june]

Hi Peter,

Stu and I opened our bank account last year when we purchased our apartment, we used Garanti in Fethiye, many of the staff there speak english.

We have just opened a savings account that pays 20% interest annually, it has to be a 'Turkish Lira' account for that amount of interest, but basically you can open sterling and TL cheque accounts and the same for the savings if you wish and just transfer from one to the other.

Just a word of caution though, probably best to deposit on a month to month basis in the savings TL account, just in case there should be a downturn in the market.

Hope this helps

Best wishes
June

[glennat]

Hi Peter,

This has been discussed in detail before.  You'll find a wealth of info available in this forum re this subject.
But, to sum up.....

You only get the 20% on TL accounts.

You have to take inflation into account (which is now below 10% PA) as it will eat into your profit.

You have to take the uncertainty of the Turkish economy into account, as history shows a reoccuring trend of boom-bust with wild inflation and a weak currency.

You have to consider the reliability of the bank you choose to save with.  It is not unheard of for banks to go bust...although I am sure I have read somewhere that there are some government sponsered safeguards against this now (or something like that).

HTH

Glen

[Linda1953]

June what do you mean deposit on a month by month basis...you mean from your UK bank? Sorry very thick on this one LOL